September 26 | Commercial Property Executive

Commercial Property Executive — On the “bubble” side of the argument, there are signs that underwriting may be changing, at least in certain markets. Chandan Economics reported that its stress test of 3,900 recently originated mortgages with more than $27 billion in aggregate balance showed “the credit risk of new apartment mortgages weakened over the course of 2012, owing in part to competition for lending opportunities between the (government-sponsored enterprises) and lenders without preferential access to capital, including banks, life companies and the conduit.”